Core Viewpoint - The report from Citic Securities indicates that while the second supply order from a South Korean battery manufacturer to Tesla's energy storage system (ESS) may seem unfavorable for CATL, the strong growth in the global energy storage market necessitates the participation of multiple suppliers to meet demand [1] Group 1: Market Dynamics - The global energy storage market is experiencing robust growth, which means that CATL alone cannot satisfy market demand, highlighting the need for additional suppliers [1] - The report suggests that the impact on CATL is not as negative as it appears, given the market's expansion [1] Group 2: Future Projections - Assuming Tesla's energy storage business grows at a compound annual growth rate (CAGR) of 19% from 2026 to 2030, CATL's remaining energy storage supply could still achieve a CAGR of 14% during the same period, with a potential market share of 85% by 2030 [1] - The current market conditions, influenced by tariff uncertainties, have led to minimal expectations for CATL's opportunities in the U.S. market, indicating that short-term impacts will be very limited [1] Group 3: Investment Outlook - Citic Securities maintains a target price of HKD 685 for CATL and reiterates a "buy" rating, emphasizing that improvements in U.S. tariffs or policy could significantly boost market confidence in CATL [1]
中信里昂：韩国电池商再获特斯拉影响有限 重申“跑赢大市”评级